SUMMARY
PhonePe said the users would be able to make payments in foreign currencies directly from their bank accounts
NPCI plans to roll out UPI International to more countries over 2023 via its cross-border payments arm NIPL
PhonePe is the biggest UPI app by market share, processing 367.42 Cr transactions worth INR 6.39 Lakh Cr in December 2022
Digital payments decacorn PhonePe has launched support for cross-border UPI payments, under UPI International.
The Walmart-owned payments major became the first in its category to integrate UPI International. PhonePe would now be available across merchant outlets that have a local QR code in the UAE, Singapore, Mauritius, Nepal and Bhutan.
PhonePe said the users would be able to make payments in foreign currencies directly from their bank accounts, similar to international debit cards.
UPI International, introduced by the cross-border arm of the National Payments Corporation of India (NPCI International Payments Limited), facilitates UPI transactions for the Indian diaspora abroad.
The digital payments app said that users can use their Indian bank accounts to pay at merchant outlets in the aforementioned countries. Earlier, Indian users had to use either foreign currency in cash or via a forex card.
NPCI plans to roll out UPI International to more countries over 2023.
Rahul Chari, CTO and cofounder of PhonePe, said, “UPI International is the first major step in letting the rest of the world experience UPI too. I am sure this launch will prove to be a game-changer and will completely transform the way Indians travelling overseas pay at merchant outlets abroad.”
PhonePe, which recently raised a mammoth $350 Mn funding round as part of its $1 Bn fundraise ahead of an initial public offer (IPO), is India’s largest UPI app by market size.
Per NPCI figures from December 2022, PhonePe processed 367.42 Cr transactions worth INR 6.39 Lakh Cr. The figures accounted for 47% of all UPI transactions and 50% of the total transaction value in December 2022.
The development comes as there is increased international interest in the government’s payments network. According to Union Minister for Electronics and IT Ashwini Vaishnaw, India is already in talks with around 30 countries for UPI.
Last month, NPCI instructed UPI members to allow non-resident account types such as non-resident external (NRE) and non-resident ordinary (NRO) accounts with international mobile numbers to use UPI to boost the network’s adoption by non-resident Indians (NRIs).
NPCI has enabled UPI transactions for NRE/NRO accounts with mobile numbers from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, the UAE and the UK.
In January 2023, UPI recorded 803 Cr transactions worth INR 12.98 Lakh Cr ($157.85 Bn), growing 2.65% and 1.3% month-on-month, respectively.
FAQs
Open the PhonePe app and tap on your profile picture. Select "UPI International" under the "Payment Settings" section. Tap "Activate" next to the bank account you wish to use for international UPI payments. Enter your UPI PIN to complete the activation process.
Will PhonePe work in the UAE? ›
PhonePe enables users in the UAE to make payments at Neopay terminals, enhancing cross-border transactions for Indian travelers.
Does PhonePe work from the USA? ›
Can I use PhonePe or Google Pay payment apps outside India to transfer money from bank accounts within India? Yes you can . I used Google pay for bank transactions within India while I was in the US. I did pay my monthly bills and stuff while abroad.
Can PhonePe be used in Nepal? ›
PhonePe in Nepal: Conclusion
This very partnership has now facilitated the introduction of PhonePe in Nepal. Fonepay Nepal's CEO announced that their journey to bring cross-border payments in Nepal has come full circle. He added that Indian tourists could make payments via PhonePe in Nepal.
Does UPI work in Mauritius? ›
India has successfully initiated its UPI services in Sri Lanka and Mauritius, accompanied by the introduction of RuPay card services in Mauritius as part of a strategic endeavour.
Can UPI be done internationally? ›
Unified Payment Interface, commonly known as UPI, services are now available in multiple countries other than India. These include Sri Lanka, Mauritius, Bhutan, Oman, Nepal, France and UAE.
Does PhonePe work in Singapore? ›
PhonePe in Singapore: PhonePe has facilitated Unified Payments Interface (UPI) transactions in Singapore as it joined hands with Singapore Tourism Board (STB).
How many countries use PhonePe? ›
PhonePe will offer the UPI services UAE, Singapore, Mauritius, Nepal and Bhutan. PhonePe, an Indian digital payments platform, primarily operates within India. It's designed to facilitate transactions within the country. However, their services might expand to other countries in the future.
Is UPI available in UAE? ›
The Unified Payments Interface (UPI) was officially launched in the United Arab Emirates (UAE) during Prime Minister Narendra Modi's visit to Abu Dhabi. Indian users can make hassle free payments using UPI in the UAE.
Is UPI allowed in USA? ›
Yes. If you're an NRI in the UK, USA, Saudi Arabia, UAE, Canada, Oman, Qatar, Australia, Singapore, or Hong Kong, you can use your global mobile number for UPI payments. Just make sure it's linked to an NRE/NRO account in India.
Overseas markets accepting UPI payments include Singapore, Malaysia, UAE, France, Nepal, UK, Mauritius, Sri Lanka, to name a few.
Can PhonePe be used internationally? ›
UPI International is a new feature that enables you to make QR code payments using your account from a bank registered in India to select merchants abroad. Currently, you can make UPI International payments in the following countries: UAE.
Can I use phone pay in UAE? ›
PhonePe, a leading Indian fintech app, has announced that its users can now make seamless payments directly in the United Arab Emirates (UAE) using the familiar UPI method. This move brings greater convenience and ease to financial transactions between the two countries.
Is PhonePe available in Dubai? ›
Payment platform PhonePe is allowing users traveling to the UAE to make payments using UPI at Mashreq's Neopay terminals. PhonePe users will be able to make UPI payments across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions located in the UAE.
Which UPI app allows international numbers? ›
Which UPI app is used for international transactions? Wise is an UPI app that can be used for international transactions which allows users to create an account and sign up for free.
Is UPI available for nri account? ›
Yes, NRIs can use UPI from their registered overseas mobile number from the approved geographies, i.e. Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, UAE, UK and USA for INR transactions in India.
